AGREEMENT PURSUANT TO RSA 72:74
This is an agreement between the City of Nashua (Nashua) a New Hampshire municipal
corporation with its principal place of business at 229 Main Street, Nashua, New Hampshire and
Pennichuck Water Works, Inc. (Pennichuck) a New Hampshire corporation and regulated utility.
The parties agree as follows:
1.
Pennichuck shall install renewable electric generating facilities in the form of solar
panels and related equipment on certain of its properties in northeast Nashua.
As to any such properties Pennichuck shall not be liable for municipal real estate taxes
but shall instead make a payment in lieu of taxes (PILOT) each year in accordance with
New Hampshire RSA 72:74. Said PILOT shall be equal to the value of the real estate
comprising each separate parcel as of April 1 of each year less the value of the solar
facilities and related equipment (Adjusted Value). multiplied by the tax rate determined
by the New Hampshire Department of Revenue Administration for Nashua in said year.
. The PILOT shall be paid in two installments each year, the first on or before July 1 in an
amount of 50% of the total tax bill or PILOT for the previous year and the second on or
before December first in an amount equal to the total due for that year less any payment
made on account of the July obligation.
Interest on any late payment will be charged and shall accrue in the same manner and at
the same rate as for municipal real estate taxes.
Pennichuck may in any year challenge Nashua’s calculation of the Adjusted Value in the
same manner and with the same filing deadlines as applicable to municipal real estate tax
abatements.
